The British Business Bank has committed up to £30m to THENA Capital’s first UK MedTech Fund through its enterprise capital funds programme.
The fund secured £27m at its first close with contributions from Firebird Collective, This Day Foundation, Baroness Martha Lane Fox, and others.
It will support early-stage UK startups in medical technology, focusing on digital healthcare solutions and fast-track medical devices.
THENA Capital aims to boost the UK MedTech sector’s innovation potential.
The fund targets companies improving patient care, support, and medical products while promoting gender equality in healthcare investment.
Dr. Pamela Walker Geddes (pictured, left), Esther Reynal de Saint-Michel (pictured, centre), and Tatum Getty (pictured, right) , co-founding general partners at THENA Capital, said: “We are thrilled to join forces with the British Business Bank, whose strategic vision and cornerstone commitment empower us to lead as a specialised fund and accelerate growth across the MedTech landscape.
“This partnership strengthens our ability to drive impactful change, disrupt the status quo, and transform the future of healthcare.”
Christine Hockley, managing director and co-head of funds at the British Business Bank, said: “This commitment to THENA Capital supports our strategic objective to back innovation as they back startups developing digital healthcare solutions and fast-track medical devices.
“Supporting early-stage businesses with growth potential sits at the core of our investment strategy.
“As one of the founding signatories of the Investing in Women Code, we are delighted to partner with an all-female investment team who also signed the Code.”
Hockley added: “Supporting the advancement of female entrepreneurship in the UK is key for the British Business Bank, not only because it is the right thing to do but also because it is good for business, leading to better performance and better returns.”
Mark Sims, senior director of funds at the British Business Bank, said: “The UK MedTech industry is large and rapidly growing, though equity gaps remain for early-stage companies.
“Regulatory complexities, commercialisation challenges, and a lack of investor specialisation contribute to this equity gap, particularly at seed stage.
“By committing to THENA Capital’s inaugural MedTech fund, we are helping to narrow this equity gap whilst backing high growth companies working to improve the patient experience.”
